GBPJPY in the Early Stages of a New Major Downtrend
GBBJPY's last uptrend finally looks completed, which means that a massive new bearish reversal is probably ready to develop next. Following the completion of the Pennant, which was outlined by our last analysis of the pair (link below), the price peaked soon afterwards. This underscores the completion of the last uptrend.
This can also be inferred from the fact that the uptrend took the form of a massive 1-5 impulse wave pattern, as postulated by the Elliott Wave Theory. The price has since then started developing a new bearish 1-5 structure.
The first impulse leg (0-1) bottomed at the 23.6% Fibonacci, which means that a minor bullish upswing would probably develop next. This would likely comprise the first retracement leg (1-2) of the new downtrend.
The expectations for a minor upswing are substantiated by the fact that the MACD indicator has just recorded a minor bullish crossover.
The next bearish target is underpinned by the 38.2 per cent Fibonacci retracement level.
This can also be inferred from the fact that the uptrend took the form of a massive 1-5 impulse wave pattern, as postulated by the Elliott Wave Theory. The price has since then started developing a new bearish 1-5 structure.
The first impulse leg (0-1) bottomed at the 23.6% Fibonacci, which means that a minor bullish upswing would probably develop next. This would likely comprise the first retracement leg (1-2) of the new downtrend.
The expectations for a minor upswing are substantiated by the fact that the MACD indicator has just recorded a minor bullish crossover.
The next bearish target is underpinned by the 38.2 per cent Fibonacci retracement level.
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